Preparing for the Future: Latinos' Financial Literacy and Retirement Planning

Explains how the shift in workers' retirement funding from defined benefit pensions to defined contribution plans places undue burden on participants' financial literacy. Latinos' low financial literacy contributes to lower participation rates and 'off-brand' uses of defined contribution savings plans. Recommends policies to bolster Latinos' financial literacy and retirement security. Based on Survey of Income Program Participants (SIPP) and Health and Retirement Survey (HRS).